iGenetic Diagnostics Pvt Ltd, a healthcare diagnostics firm with a focus on specialised and differentiated tests, has received Rs 7 crore (over $1 million) in funding from angel investors and high net-worth individuals (HNIs), two sources privy to the development told VCCircle.
The Mumbai-based company also plans to raise another $5 million in a Series A round of funding, one of them added.
The money has been raised for expansion of its regional footprint and R&D, especially in high-end tests and genetic testing.
One of the investors is Riddhesh Gandhi, founder of Discovery Capital. When contacted, he acknowledged that he has invested in the private firm but declined to comment on the quantum or give details of other co-investors.
A company spokesperson confirmed the development but also refused to name the other investors.
The company, which was founded in 2013, offers diagnostics tests ranging from biochemistry to advanced molecular genetics.
These tests include 24-hour Septicemia detection for critical care, pre-implantation genetic diagnosis, pre-implantation genetic screening for IVF, and next-generation sequencing based panels for oncology and neurology.
The company has its central processing laboratory in Mumbai with operations in cities including Delhi, Hyderabad, Ahmedabad, Baroda, Nagpur and Pune.
Bangalore-based MedGenome Labs Pvt Ltd, another player in the space, raised $20 million in its Series B round of funding from Sequoia Capital early in July 2015.
The healthcare diagnostics industry is estimated at Rs 20,000 crore to Rs 30,000 crore and is growing at over 25 per cent CAGR.